Description

1833 $5 Large Date PR67 PCGS. Ex:Pittman. When this coin was
last offered for sale at public auction more than seven years ago,
David Akers said: "A magnificent, stunning coin which, in my
opinion, is the premier coin in the entire Pittman Collection." It
is indeed a magnificent piece, and in our opinion, the only coins
that rival this piece in sheer numismatic interest in this current
sale are the two Brasher doubloons.
As a date, the 1833 is very rare with only 60-75 examples known of
both the Large Date and Small Date variants. Only two proofs are
known for the 1833 half eagle, both of which are Large Dates, and
the other is permanently impounded in the National Numismatic
Collection in the Smithsonian. That coin also is "only" a PR63.
This coin was one of John Pittman's most significant acquisitions.
The story is now well known, but for those who may not have heard
it when John Pittman traveled to Cairo in 1954 to buy coins out of
the Farouk Collection, he took out a second mortgage on his house.
He certainly must have had an understanding wife, but as time
showed he had a unerring eye for quality and value. He paid an
astonishingly high price for this coin, 210 Egyptian pounds with a
5% government surcharge, which was the equivalent of $635 in 1954.
As significant as that amount sounds in 1954 dollars, it pales in
comparison to the actual value of this essentially unique coin in
today's marketplace. When Pittman's holdings were sold in 1997-98,
this coin realized $467,500.
The viewer of this coin will come away with two impressions. First
is the incredible method of manufacture. The proofing process used
to strike this coin is every bit the equal of the mass-produced
proofs from the 1870s or 1880s. Obviously, this coin was produced
with great care and most likely was intended to showcase the
abilities of the newly opened Second Mint, which opened the same
year this coin was struck. The second impression is the incredible,
almost unequaled quality of this piece. This was made possible by
the impressive list of only seven collectors who have owned this
coin since the early 1880s. As mentioned, the fields are deeply
mirrored and almost all the die polishing marks that created the
proof surface have disappeared except for a short series at the
obverse rim between stars 4 and 5. Significant amounts of mint
frost are seen over the devices, which gives the coin a slightly
contrasted appearance. The letters in LIBERTY were sunk into the
die at the same depth as the fields, and as a result most of these
letters show full proof flash. An interesting numismatic
observation is that the letters in E PLURIBUS UNUM on the reverse
scroll were punched into the die in a larger and different font
than the letters in the surrounding UNITED STATES OF AMERICA. There
are several light coppery alloy stains on each side, but these
should definitely not be confused with carbon spotting. The most
prominent of these alloy stains is located just inside star 3 on
the obverse. Another one, lighter in color but larger when examined
is placed at the bottom of the trailing curl on Liberty's neck. On
the reverse, the most significant pedigree markers are located on
each side of the D in UNITED: on the left side there is a bit of
planchet roughness, and on the right side there is a small alloy
stain. Originally struck in green-gold, over the past 150 years the
surfaces have taken on a rich overlay of thin reddish patina. A few
errant hairlines are seen in the fields, but these are not
indicative of cleaning but instead are probably from the coin
having lain on felt in a coin cabinet or from being inserted and
removed from paper holders many years ago.
The opportunity to acquire this one-of-a-kind coin may not occur
again for many years. If it is bought by someone who is as
dedicated as John Pittman it could literally be decades before this
piece surfaces again. Think hard and plan to stretch to acquire
this prize, for it will surely bring significantly more in this
market than the current owner paid when he bought it from the
Pittman Collection.Ex: J. Colvin Randall; Lorin G. Parmelee (NY Coin & Stamp
Co., 6/25/1890), lot 1021; James W. Flanagan (Stack's, 3/23/1944);
J.F. Bell, lot 355; The Palace Collections of Egypt (Sotheby's,
2-3/54), lot 246a; John Jay Pittman (Akers, 10/97), lot
933.From The Gold Rush Collection.(#8167) (Registry
values: P1) (NGC ID# 28B9, PCGS# 8167)

Only 24 days left to consign to the 2017 February 15 - 20 Long Beach Expo US Coins Signature Auction - Long Beach!

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I wish to extend our appreciation to you for over $925,000.00 realized from the above subject auction. This amount realized was approximately $110,000.00 more than we anticipated.
Federal Deposit Insurance Corporation,Newport Beach, CA